Begbies Traynor continues growth

Business rescue and recovery specialist Begbies Traynor has made its fourth acquisition of the year in a deal which could be worth almost £12m.

The business, which has an operation in Preston, has bought Midland-based finance broker MAF Property.

The deal includes an initial cash payment of £3m, with a potential £8.75m earn out subject to delivering “material growth” in profits over the four years following the completion of the acquisition.

Begbies Traynor say MAF’s finance broking complements the group’s existing services and deepens relationships with banks and other lenders. The acquisition is expected to be immediately earnings enhancing.

MAF has sector expertise in construction, engineering and manufacturing, haulage, healthcare, agriculture, renewables, property finance, fleet management and vehicle leasing.

During the last financial year, MAF raised finance in excess of £150m for its clients and in 2020 reported revenue of £3.1m.

Ric Traynor, executive chairman of Begbies Traynor, said: “The acquisition of MAF is in line with our growth strategy and complements our existing, and expands the range of, our service lines.

“MAF specialises in providing growth capital for investment and has developed excellent relationships with both clients and financial institutions over many years.

“As companies seek to bounce back from the pandemic, access to finance will be critical and going forward the MAF team will prove invaluable in increasing the support and advice we can provide to UK businesses.”